22.11.23-Wednesday, 08.30 am 

Good Morning all... 

What has happened yesterday? Nifty Index, as expected and written, opened on a positive note at 19770.90, our expected opening band 19705-19720-19745; on the opening move, the Index made a day low 19754.05 thereafter; it moved up, made a day high 19829.10 and closed at 19783.40 on a positive note with an intra gain 89.40 points, i.e., 0.45%.

What will happen today? 

Nifty Index: Today, Nifty Index may open on a flat to positive note near 19785-19810-19830 levels; if open, trade and sustain above 19830 then, the index may re-test 19850-19875-19905-19925-19960-19995 levels. On the other hand, the immediate support lies at 19775-19755 if, the Index moves below 19755 then, it may try to re-visit 19720-19685-19650-19625-19600-19570-19530 levels.

Special Mention: Yesterday, Nifty Index unable to continue the pull back rally beyond the resistance levels i.e.,19850-19875, traded in range bound and closed well above our threshold support levels i.e., 19690. In the near term, if the Index moves and closes above 19850-19925, then it may re-test 20065-20220 levels. On the other hand, the strong support now lies at 19530-19330, if the Index moves and closes below 19330 then, the Index may try to re-visit 19225-19090-18975 levels in the near term. Let see how the Index opens today at 19785-19810-19830 levels.

Nifty Bank Index: Yesterday, Nifty Bank Index opened on a positive note at 43790.95; on the opening move, it made a day high 43790.95 thereafter, it moved down, made a day low 43586.45 and closed on a positive note at 43689.15 with an intra gain by 104.20 points, i.e., 0.24%, today the Nifty Bank Index must move above 43730-43790 levels; if to do so, then it may try to re-test 43845-43890-43935-43995-44065-44135-44215 levels. On the other hand, any weakness near 43730-43790 further, it moves below 43665-43585 then, the Index may re-visit 43530-43450-43400-43330-43265-43195-43125 levels.

FII's & DII's Funds Flow: Yesterday, FIIs continued as a net seller, they sold on the net basis to the tune of Rs.455.59 Cr. On other hand, the DIIs continued as a net buyer, they bought on the net basis to the tune of Rs.721.52 Cr. 

INDIA's Macro Data:

On 01st Nov'23, the S&P Global Manufacturing PMI data for the month of Oct'23 released, it moved down to 55.50% from 57.50% (Sep'23). Likewise, the S&P Global Services PMI data for the month of Oct'23 released on 03rd Nov'23, it  moved down to 58.40 from 61% (Sep'23).

The RBI MPC meet held on 06th Oct'23-Friday,  the MPC maintained status quo in the Repo rate without changing the interest rate i.e., 6.50%. 

GDP data for the Q1 ending Jun'23 released on 31st Aug'23-Thursday, the GDP moved to 7.80% Vs.6.10% (Q4-Mar'23). 

IIP data for Sep'23 released on 10th Nov'23-Friday, the data shows that, the Industrial production has moved down to 5.80% when compared to the Aug'23, it stood at 10.30%. 

Annual Inflation data for Oct'23 released on 13th Nov'23-Monday, it shows that the Inflation has further moved down to 4.87% from Sep'23 level i.e., 5.02%.

WPI Inflation data for the month of Oct'23 released on 14th Nov'23-Tuesday, it has further moved down to -0.52% as against the Sep'23 level i.e.,-0.26%.

Wishing you for a safe, secured and profitable trading.

DISCLAIMER:

The writing in the above daily market update should only be construed as guidance. I assert that any business or investment decisions should not be based purely on the information presented in the daily market update. As a Research Analyst, I will not be responsible for any losses incurred by a visitor/investor/client, as a result of decisions made based on any information given in the daily market update.

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